The Surface Transportation Board has proposed a procedural schedule to consider the merger application of Canadian Pacific and Kansas City Southern.
The schedule places final briefs to be due about eight months from the date CP (NYSE: CP) and KCS (NYSE: KSU) submitted their application, which was Friday. After that a public hearing could occur, followed by the closing of the record. These dates are to be determined. Also to be determined is the date that STB will issue its decision, although CP has said that it hopes to earn approval of the merger sometime in the second half of the year.
Between now and the next eight months, STB is proposing to receive and respond to comments from stakeholders, and it expects to receive a safety integration plan.
CP and KCS had asked for a 10-month period between the date it filed the application and the board’s final decision.
STB responded, “Given the high level of interest in this proceeding, as well as the complexity and magnitude of issues that may potentially arise, the board proposes modifications to the schedule proposed by applicants to ensure sufficient time for the submission and review of evidence and arguments, as well as for the careful consideration of the merits of the proposed transaction.”
The board said its proposed schedule conforms with time frames set forth in federal regulations, and the schedule also allows for rebuttals and responses to those rebuttals.
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